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Cheetah Mobile Announces Second Quarter 2024 Unaudited Consolidated Financial Results

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BEIJING, Sept. 13, 2024 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the second quarter ended June 30, 2024.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “In Q2, Cheetah Mobile achieved solid revenue growth of 12.3% year-over-year, with AI and others contributing around 40% of total revenue. Our service robotics business, both domestically and internationally, continues to drive growth. Customers choose us for our superior product experience, after-sales services, and strong AI capabilities, including far field speech recognition. With a team that brings extensive experience from the PC and mobile eras, we are investing in developing the best products to capture opportunities in the service robotics and LLMs markets. We remain focused on expanding our robotics use cases, advancing product innovation with LLMs, and growing our global presence. Rather than pursuing short-term gains, we are committed to achieving high-quality, long-term growth. We are confident in our ability to capture long-term opportunities ahead.”

Mr. Thomas Ren, Chief Financial Officer of Cheetah Mobile, stated, “In this quarter, we were able to reduce our operating loss compared to the previous quarter by strategically focusing on AI and service robots. Our operating margin, excluding share-based compensation expense for our legacy internet business, increased by 6.9 percentage points year over year and 4.5 percentage points quarter over quarter. Although Cheetah Mobile is still incurring losses, we generated more than RMB218 million in cash from operating activities in the second quarter, showcasing strong capabilities in cash generation and management. Moving forward, we are committed to continuing to enhance our operational efficiency and cash generation capabilities.”

Second Quarter 2024 Financial Highlight

Total revenues accelerated to a year-over-year growth of 12.3%, reaching RMB187.4 million (US$25.8 million) in the second quarter of 2024, driven by an increase in the delivery of the Company’s service robots in both domestic and international markets.

Revenues from internet business remained relatively flat year over year at RMB113.7 million (US$15.7 million) in the second quarter of 2024. In the second quarter of 2024, revenues generated from the internet business accounted for 60.7% of total revenues, compared to 69.1% in the same period last year.Revenues from AI and others increased by 42.8% year over year to RMB73.7 million (US$10.1 million) in the second quarter of 2024. The growth was primarily driven by an increase in the delivery of the Company’s service robots, following the acquisition of a controlling stake in Beijing OrionStar. In the second quarter of 2024, revenues generated from AI and others accounted for 39.3% of total revenues, compared to 30.9% in the same period last year.

Operating loss was RMB77.5 million (US$10.7 million) in the second quarter of 2024, compared to RMB65.6 million in the same period of last year. Non-GAAP operating loss was RMB62.5 million (US$8.6 million) in the second quarter of 2024, compared to RMB48.3 million in the same period of last year.

The increase in operating losses on a year-over-year basis was due to the Company’s investments in AI, which have helped it enhance the product experience of its service robots. As previously mentioned in the past earnings releases, Cheetah Mobile’s year-over-year costs and expenses increased, particularly associated with headcount and hardware.

Cost of revenues increased by 15.2% year over year to RMB65.9 million (US$9.1 million) in the second quarter of 2024, primarily resulting from the rise in the hardware-related costs for the Company’s service robots. Non-GAAP cost of revenues increased by 14.8% year over year to RMB65.5 million (US$9.0 million) in the second quarter of 2024.Research and development expenses increased by 14.5% year over year to RMB54.3 million (US$7.5 million) in the second quarter of 2024, primarily due to 1) amortization of intangible assets resulting from the acquisition of a controlling stake in Beijing OrionStar, 2) higher R&D personnel-related expenses following the acquisition of Beijing OrionStar. Non-GAAP research and development expenses increased by 3.3% year over year to RMB48.0 million (US$6.6 million) in the second quarter of 2024.Selling and marketing expenses increased by 17.3% year over year to RMB73.4 million (US$10.1 million) in the second quarter of 2024, primarily due to 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses as the Company increased its sales personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP selling and marketing expenses increased by 16.7% year over year to RMB72.8 million (US$10.0 million) in the second quarter of 2024.General and administrative expenses increased by 8.0% year over year to RMB71.6 million (US$9.9 million) in the second quarter of 2024, primarily due to increased personnel-related expenses as the Company increased the number of its G&A personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP general and administrative expenses increased by 26.9% year over year to RMB63.8 million (US$8.8 million) in the second quarter of 2024.

In terms of sequential performance, the Company was able to reduce its operating loss from RMB80.6 million in the first quarter of 2024 to RMB77.5 million in this quarter, and its non-GAAP operating loss from RMB66.4 million in the first quarter of 2024 to RMB62.5 million in this quarter. Notably, operating margin, excluding share-based compensation expense for the internet business, was 12.4% in the second quarter of 2024, an improvement from 7.9% in the first quarter of 2024 and 5.5% in the same period of last year.

As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,973.0 million (US$271.5 million).

As of June 30, 2024, the Company has long-term investments of RMB866.9 million (US$119.3 million). 

Conference Call Information

The Company will hold a conference call on September 13th, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 3980144

English Translation:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 7908950

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to:

Non-GAAP cost of revenues excludes share-based compensation expenses;Non-GAAP gross profit excludes share-based compensation expenses;Non-GAAP gross margin excludes share-based compensation expenses;Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP general and administrative expenses exclude share-based compensation expenses;Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions; andNon-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, interest income, depreciation and amortization, net income attributable to noncontrolling interests, other income, net and income tax expenses.

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and Non-GAAP Results”.

Investor Relations Contact

Helen Jing Zhu
Cheetah Mobile Inc.
Tel: +86 10 6292 7779
Email: ir@cmcm.com

 

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

December 31, 2023

June 30, 2024

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

2,020,191

1,972,676

271,449

Short-term investments

1,023

331

46

Accounts receivable, net

401,064

445,091

61,247

Prepayments and other current assets, net

973,127

1,334,395

183,619

Due from related parties, net

71,505

110,234

15,169

Total current assets

3,466,910

3,862,727

531,530

Non-current assets:

Property and equipment, net

53,884

54,962

7,563

Operating lease right-of-use assets

30,451

31,337

4,312

Intangible assets, net

218,559

204,476

28,137

Goodwill

576,989

576,989

79,396

Long-term investments

937,460

866,860

119,284

Due from related parties, net

25,287

3,480

Deferred tax assets

188,503

194,226

26,726

Other non-current assets

160,428

80,819

11,121

Total non-current assets

2,166,274

2,034,956

280,019

Total assets

5,633,184

5,897,683

811,549

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Bank loans

5,000

Accounts payable

170,185

159,787

21,987

Accrued expenses and other current liabilities

2,437,210

2,811,054

386,814

Due to related parties

84,147

83,311

11,464

Income tax payable

31,603

33,351

4,589

Total current liabilities

2,728,145

3,087,503

424,854

Non-current liabilities:

Deferred tax liabilities

54,540

51,870

7,138

Other non-current liabilities

189,943

182,178

25,069

Total non-current liabilities

244,483

234,048

32,207

Total liabilities

2,972,628

3,321,551

457,061

Mezzanine equity:

Redeemable noncontrolling interests

105,978

185,676

25,550

Shareholders’ equity:

Ordinary shares

244

246

34

Additional paid-in capital

2,711,875

2,716,472

373,799

Accumulated deficit

(613,102)

(816,978)

(112,420)

Accumulated other comprehensive income

356,854

381,288

52,467

Total Cheetah Mobile shareholders’ equity

2,455,871

2,281,028

313,880

Noncontrolling interests

98,707

109,428

15,058

Total shareholders’ equity

2,554,578

2,390,456

328,938

Total liabilities, mezzanine equity and shareholders’ equity

5,633,184

5,897,683

811,549

 

 

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share(or ADS) data)

For The Three Months Ended

For The Six Months Ended

June 30, 2023

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

RMB

RMB

USD

RMB

RMB

USD

Revenues

166,951

187,417

25,790

337,385

377,705

51,974

     Internet business

115,336

113,729

15,650

235,645

222,749

30,651

     AI and others

51,615

73,688

10,140

101,740

154,956

21,323

Cost of revenues (a)

(57,186)

(65,895)

(9,067)

(113,349)

(135,651)

(18,666)

Gross profit

109,765

121,522

16,723

224,036

242,054

33,308

Operating income and expenses:

Research and development (a)

(47,426)

(54,285)

(7,470)

(92,854)

(111,616)

(15,359)

Selling and marketing (a)

(62,561)

(73,396)

(10,100)

(130,827)

(148,532)

(20,439)

General and administrative (a)

(66,333)

(71,610)

(9,854)

(110,459)

(140,755)

(19,369)

Other operating income, net

944

228

31

2,215

736

101

Total operating income and expenses

(175,376)

(199,063)

(27,393)

(331,925)

(400,167)

(55,066)

Operating loss

(65,611)

(77,541)

(10,670)

(107,889)

(158,113)

(21,758)

Other income/(expenses):

Interest income, net

14,896

9,773

1,345

27,238

25,089

3,452

Foreign exchange losses

(48,684)

(7,564)

(1,041)

(34,221)

(10,841)

(1,492)

Other expense, net

(152,351)

(51,612)

(7,102)

(154,152)

(59,207)

(8,147)

Loss before taxes

(251,750)

(126,944)

(17,468)

(269,024)

(203,072)

(27,945)

Income tax (expenses)/ benefits

(3,583)

6,391

879

(3,761)

6,193

852

Net loss

(255,333)

(120,553)

(16,589)

(272,785)

(196,879)

(27,093)

Less: net income attributable to noncontrolling interests

3,461

3,288

452

4,608

6,997

963

Net loss attributable to Cheetah Mobile shareholders

(258,794)

(123,841)

(17,041)

(277,393)

(203,876)

(28,056)

Net loss per share

Basic

(0.1772)

(0.0841)

(0.0116)

(0.1925)

(0.1390)

(0.0191)

Diluted

(0.1774)

(0.0841)

(0.0116)

(0.1933)

(0.1391)

(0.0191)

Net loss per ADS

Basic

(8.8615)

(4.2042)

(0.5785)

(9.6239)

(6.9488)

(0.9562)

Diluted

(8.8693)

(4.2067)

(0.5789)

(9.6665)

(6.9542)

(0.9569)

Weighted average number of shares outstanding

Basic

1,454,090,428

1,495,962,672

1,495,962,672

1,452,066,835

1,495,088,007

1,495,088,007

Diluted

1,454,090,428

1,495,962,672

1,495,962,672

1,452,066,835

1,495,088,007

1,495,088,007

Weighted average number of ADSs outstanding

Basic

29,081,809

29,919,253

29,919,253

29,041,337

29,901,760

29,901,760

Diluted

29,081,809

29,919,253

29,919,253

29,041,337

29,901,760

29,901,760

Other comprehensive income/(loss) , net of tax of nil

Foreign currency translation adjustments

148,160

8,383

1,154

108,142

29,414

4,048

Unrealized losses on available-for-sale securities, net

(43,494)

(9,206)

(1,267)

(43,494)

(7,434)

(1,023)

Other comprehensive income/(loss)

104,666

(823)

(113)

64,648

21,980

3,025

Total comprehensive loss

(150,667)

(121,376)

(16,702)

(208,137)

(174,899)

(24,068)

Less: Total comprehensive income attributable to
noncontrolling interests

2,964

2,118

291

3,877

4,544

625

Total comprehensive loss attributable to Cheetah
Mobile shareholders

(153,631)

(123,494)

(16,993)

(212,014)

(179,443)

(24,693)

For The Three Months Ended

For The Six Months Ended

June 30, 2023

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

(a) Share-based compensation expenses

RMB

RMB

USD

RMB

RMB

USD

Cost of revenues

107

357

49

226

449

62

Research and development

958

116

16

870

408

56

Selling and marketing

195

154

21

391

110

15

General and administrative

16,091

7,831

1,078

16,643

15,076

2,075

Total

17,351

8,458

1,164

18,130

16,043

2,208

 

 

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for per share data )

For The Three Months Ended June 30, 2024

For The Six Months Ended June 30, 2024

GAAP

Share-based

Amortization of

Non-GAAP

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

Result

Compensation

intangible assets*

Result

RMB

RMB

RMB

RMB

USD

RMB

RMB

RMB

RMB

USD

Revenues

187,417

187,417

25,790

377,705

377,705

51,974

Cost of revenues

(65,895)

357

(65,538)

(9,018)

(135,651)

449

(135,202)

(18,604)

Gross profit

121,522

357

121,879

16,772

242,054

449

242,503

33,370

Research and development

(54,285)

116

6,156

(48,013)

(6,607)

(111,616)

408

12,312

(98,896)

(13,609)

Selling and marketing

(73,396)

154

469

(72,773)

(10,014)

(148,532)

110

938

(147,484)

(20,294)

General and administrative

(71,610)

7,831

(63,779)

(8,776)

(140,755)

15,076

(125,679)

(17,294)

Other operating income, net

228

228

31

736

736

101

Total operating income and expenses

(199,063)

8,101

6,625

(184,337)

(25,366)

(400,167)

15,594

13,250

(371,323)

(51,096)

Operating loss

(77,541)

8,458

6,625

(62,458)

(8,594)

(158,113)

16,043

13,250

(128,820)

(17,726)

Net loss attributable to Cheetah Mobile shareholders

(123,841)

8,458

6,625

(108,758)

(14,965)

(203,876)

16,043

13,250

(174,583)

(24,024)

Diluted losses per ordinary share (RMB)

(0.0841)

0.0057

0.0043

(0.0741)

(0.1391)

0.0107

0.0089

(0.1195)

Diluted losses per ADS (RMB)

(4.2067)

0.2850

0.2167

(3.7050)

(6.9542)

0.5350

0.4442

(5.9750)

Diluted losses per ADS (USD)

(0.5789)

0.0392

0.0299

(0.5098)

(0.9569)

0.0736

0.0611

(0.8222)

For The Three Months Ended June 30, 2023

For The Six Months Ended June 30, 2023

GAAP

Share-based

Non-GAAP

GAAP

Share-based

Non-GAAP

Result

Compensation

Result

Result

Compensation

Result

RMB

RMB

RMB

RMB

RMB

Revenues

166,951

166,951

337,385

337,385

Cost of revenues

(57,186)

107

(57,079)

(113,349)

226

(113,123)

Gross profit

109,765

107

109,872

224,036

226

224,262

Research and development

(47,426)

958

(46,468)

(92,854)

870

(91,984)

Selling and marketing

(62,561)

195

(62,366)

(130,827)

391

(130,436)

General and administrative

(66,333)

16,091

(50,242)

(110,459)

16,643

(93,816)

Other operating income, net

944

944

2,215

2,215

Total operating income and expenses

(175,376)

17,244

(158,132)

(331,925)

17,904

(314,021)

Operating loss

(65,611)

17,351

(48,260)

(107,889)

18,130

(89,759)

Net loss attributable to Cheetah Mobile shareholders

(258,794)

17,351

(241,443)

(277,393)

18,130

(259,263)

Diluted losses per ordinary share (RMB)

(0.1774)

0.0119

(0.1655)

(0.1933)

0.0125

(0.1808)

Diluted losses per ADS (RMB)

(8.8693)

0.5943

(8.2750)

(9.6665)

0.6243

(9.0422)

* This represents amortization of intangible assets resulting from business acquisitions.

 

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for percentage)

For The Three Months Ended June 30, 2024

For The Six Months Ended June 30, 2024

Internet Business

AI and others

Unallocated*

Consolidated

Internet Business

AI and others

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

USD

RMB

RMB

RMB

RMB

USD

Revenue

113,729

73,688

187,417

25,790

222,749

154,956

377,705

51,974

Operating profit/(loss)

14,159

(83,242)

(8,458)

(77,541)

(10,670)

22,821

(164,891)

(16,043)

(158,113)

(21,758)

Operating margin

12.4 %

(113.0) %

(41.4) %

(41.4) %

10.2 %

(106.4) %

(41.9) %

(41.9) %

For The Three Months Ended June 30, 2023

For The Six Months Ended June 30, 2023

Internet Business

AI and others

Unallocated*

Consolidated

Internet Business

AI and others

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

Revenue

115,336

51,615

166,951

235,645

101,740

337,385

Operating profit/(loss)

6,370

(54,630)

(17,351)

(65,611)

10,125

(99,884)

(18,130)

(107,889)

Operating margin

5.5 %

(105.8) %

(39.3) %

4.3 %

(98.2) %

(32.0) %

*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.

 

 

CHEETAH MOBILE INC.

Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

For The Three Months Ended

For The Six Months Ended

June 30, 2023

June 30, 2024

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2024

RMB

RMB

USD

RMB

RMB

USD

Net loss attributable to Cheetah Mobile shareholders

(258,794)

(123,841)

(17,041)

(277,393)

(203,876)

(28,056)

Add:

Income tax expenses/ (benefits)

3,583

(6,391)

(879)

3,761

(6,193)

(852)

Interest income, net

(14,896)

(9,773)

(1,345)

(27,238)

(25,089)

(3,452)

Depreciation and amortization

8,273

12,317

1,695

17,106

24,629

3,389

Net income attributable to noncontrolling interests

3,461

3,288

452

4,608

6,997

963

Other expense, net

201,035

59,176

8,143

188,373

70,048

9,639

Share-based compensation

17,351

8,458

1,164

18,130

16,043

2,208

Adjusted EBITDA

(39,987)

(56,766)

(7,811)

(72,653)

(117,441)

(16,161)

 

View original content:https://www.prnewswire.com/news-releases/cheetah-mobile-announces-second-quarter-2024-unaudited-consolidated-financial-results-302247571.html

SOURCE Cheetah Mobile

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Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

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NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

 

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

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BOE continues to launch new products and solutions in the field of high-end displays

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LOS ANGELES, May 9, 2026 /PRNewswire/ — 

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation.  BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

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BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

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LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital

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